Negative Equity..................?

Question

is anyone else going to go into it? i recently brought my house-a yr ago at 100% sressing big time now about whats going to happen when i renew next xmas!

sooo worried

Answer 1

Renew what?

Don't stress about this, I do not even track it.  Unless you are selling today it really does not matter what your property is worth.

Think of it like you do your stock purchases.   It only matters what they are worth when you sell them.

Answer 2

.  There are 2 million homeowners in your exact situation.  No one predicted that prices would go down so fast and so dramatically.  There is no wonderful answer.  We will all hang on and hope it gets better.

Answer 3

Prime example of the mortgage debacle - people financing the full amount under the misguided notion that property values would skyrocket forever.  If you have an adjustable rate mortgage and your property value has dropped - forget about refinancing.  Find more income, and ride out the storm until you are in a positive equity position - then run away from what I assume is an adjustable mortgage.

Answer 4

Contact an attorney.  It is the only way to negotiate with your lender so that your rate doesn't adjust.  Check out these guys:

www.feldmanlawcenter.com

Answer 5

Calm down, what ever you bought your house for unless you try to sell it now will no doubtly be worth more than you paid for it.  So do not worry

Answer 6

you shouldn't have any problems as long as you can still afford the repayments.You may have a problem if you are forced to sell but if you can, just sit tight and weather the storm.

Best of luck